Businesses in Lincolnshire can be more confident of success following the accreditation of the county’s first Institute for Turnaround member, Jeremy Wetherall from Queensgate Management – a firm established in partnership with Duncan & Toplis.
The Institute for Turnaround – which comprises individuals and organisations throughout the world dedicated to helping businesses during difficult financial circumstances – demands the highest level of knowledge and experience for membership.
Jeremy said his successful induction reflects Queensgate’s ongoing commitment to providing turnaround solutions to businesses in the East Midlands.
“We try to understand what has caused businesses to underperform and work closely with management teams to develop a strategy to address the situation. Whilst we do work with businesses in serious financial difficulty, we also work with businesses that are fundamentally sound but whose performance has deteriorated for one reason or another.
“It is vitally important that we speak to the management team as soon as there is a problem as the turnaround has a greater likelihood of success if we help prevent the things from getting worse.
“It is inevitable that through the life cycle of any business there are ups and downs. Well managed businesses maximise the ups and minimise the downs. My role can simply to be to act as a support function in times of difficulty. Often a fresh pair of eyes can see something that the owner manager has not, as often he or she is too close to the business,” he said.
According to Jeremy the most common causes of underperformance include not reacting to market changes; underestimating the importance of investing in people; not updating systems and financial controls as the business grows; poor management planning; and underestimating the importance of a good relationship with the bank.
“It is vitally important that in times of difficulty you have a good relationship with your bank,” he said.
“If things are hidden from the banks they can’t help. My role often involves acting as a conduit between businesses and banks and my approach is always total transparency. If the relationship is poor then there may be less of a tendency to assist.
“Some companies try to ignore things that are going wrong in the hope that they will improve; my role is to work with management teams to help address the issues and return the business to profitability.”
Any business in need of a turnaround expert should contact Jeremy Wetherall from Queensgate Management on 07711 065420 or by emailing Jeremy.firstname.lastname@example.org